Federal Register #SR-CboeBZX-2026-087

Cboe BZX proposal to broaden its Fee Schedule definition of Trading Platform

The Securities and Exchange Commission (SEC) published a regulatory notice about a proposed Cboe BZX Exchange, Inc. Fee Schedule change. - Government agency: U.S. Securities and Exchange Commission (SEC); no purchasing agency or buyer is identified. - Organization named: Cboe BZX Exchange, Inc., the exchange proposing the change. - Proposed change: Expand “Trading Platform” to include systems that systematically execute third-party orders electronically, whether by matching orders or by an operator or affiliate acting as principal. - Examples include broker crossing systems not filed as Alternative Trading Systems (ATSs), systematic internalization systems, single-dealer platforms, and decentralized blockchain-based or tokenized execution environments. - Purpose: Apply related fees more consistently to functionally equivalent electronic execution venues. - This is a regulatory proposal inviting public comment, not a procurement; no products, services, quantities, or part numbers are requested.

Description

Cboe BZX Exchange, Inc. proposes to amend its Fee Schedule to update the definition of “Trading Platform.” The change adds a functional category covering other systems, facilities, or platforms where third-party orders are systematically executed electronically, including systems that match orders or execute them through the operator or its affiliate acting as principal. Examples include broker crossing systems not filed as ATSs, systematic internalization systems, and decentralized blockchain-based or tokenized environments. The notice invites public comments on the proposed rule change.

View original listing